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Policosanol is a valuable compound with potential applications across multiple sectors. Within the pharmaceutical field, policosanol and its main components—triacontanol, octacosanol, and hexacosanol—have shown biological activity, particularly in conditions associated with inflammation and hypercholesterolaemia. Triacontanol, specifically, serves as a plant growth promoter and is widely applied in numerous economically significant crops and microalgae, either as a pure compound or as part of policosanol extracts. This review compiles key studies addressing the bioactivity of policosanol in both plant and animal cells, enabling comparison of the different mechanisms of action. A detailed evaluation of this information opens avenues for further research. Articles were sourced from PubMed and Redalyc using specific key terms: policosanol, inflammatory mechanisms, triacontanol, cellular absorption, photosynthesis, and photoinhibition. Policosanol has been found to interfere with inflammation-related pathways, notably the NF-κB and MAPK signaling cascades. Its cholesterol-lowering capacity results from the suppression of hepatic cholesterol synthesis through the indirect inhibition of HMG-CoA reductase. Triacontanol enhances plant growth and influences biochemical and physiological traits, especially under stress, mainly by improving photosynthetic efficiency. Notably, octacosanol can suppress the activity of triacontanol in plants—a phenomenon not observed in human cells—highlighting key distinctions in how these compounds function in plant versus animal systems, which warrants further investigation.